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SEEDA supports 2.64bn increase in South East economy

31 March 2009

SEEDA has been instrumental in creating jobs equivalent to a £2.64 billion addition to the South East’s economy over a four year period from 2002-2003 to 2006-2007, says research conducted alongside a national report.

The research, by PricewaterhouseCoopers (PwC), shows that every £1 spent by SEEDA over the four year period generated £5.60 in Gross Value Added for the region.

The 'Impact of Regional Development Agency (RDA) Spending' report – the most comprehensive and robust study of the RDAs ever undertaken – reviewed 25 SEEDA programmes, which amounted to 81% of SEEDA’s programme expenditure during the period, and sought to measure the outcomes that would not have been achieved without the activity of the RDA.

The research identifies that SEEDA’s role in these 25 programmes has resulted in additional outcomes:

  • creation or safeguarding of over 39,000 jobs,
  • 33,000 businesses assisted.
  • 216 hectares of brownfield land made fit for development,
  • the creation of more than 2,500 new businesses, and
  • more than 66,000 people helped to develop new skills.

It also reports that a potential 150,000 further jobs will be created during the total lifespan of projects with long-term objectives.

SEEDA Chief Executive Pam Alexander said: “We aim to be the best economic development agency a top global region could have. This research demonstrates the value that we have added by supporting businesses and individuals, creating additional jobs and skills, and working with local authorities to deliver social and physical regeneration.

"Especially at this time of economic uncertainty, we aim to be an agile, focused and responsive RDA, adding further value to the South East economy in the key areas of international trade and inward investment, nurturing global companies; innovation, through collaborations to commercialise new ideas; and business growth, through excellent infrastructure and expert support."

Lord Mandelson, Secretary of State for Business, Enterprise and Regulatory Reform, commented on the national report: "The RDAs are working. We have clear evidence that their programmes are helping to drive regional economies – creating jobs, helping businesses and boosting skills.

"They are on the front line of our response to the global downturn. But their medium and long term interventions and investments are equally important to prepare for the upturn. It will help ensure that we emerge stronger."

For media enquiries contact:

Rachael Nightingale
Tel: 01483 470 155
Email: pressoffice@seeda.co.uk

James Fulker, SEEDA Press Officer
Tel: 01483 470 155
Email: pressoffice@seeda.co.uk

Related Links

Case studies featured in the PWC report 'Impact of Regional Development Agency Spending':

Chatham Maritime Medway ‘Multiversity’ – Kent

High-tech innovation and enterprise – Oxford

Portsmouth Naval Base

Hastings and Bexhill Regeneration

Related documents:

Source evaluation documents for BERR Impact Evaluation report

Impact of Regional Development Agency Spending South East Statistics Factsheet - to be added shortly

For more information please contact our press office

Tel: 01483 470155